Faithful to his habits Steve Jobs leaves all audiences in the blur

Unpredictable Steve Jobs! The ability of the founder of Apple to surprise because its charm. It also has its limits. Wall Street welcomed the results of the last quarter by an increase of 12 of its course, it is still lower by 16 to the level of early 2006. Fellows have taken note of the best Macintosh sales than expected, but their questions on the suite remain topical. Support for Apple computers by the success of the iPod family is a theme already worn to boost a market dynamics comparable to that of the years 2004-2005. The transition to Intel chipset models is also good news but the place of Apple in personal computing is doomed to remain marginal. From an investor point of view, the future of Apple is played primarily on maintaining its technological lead and its market share in musical players, thus on rhythm, the quality and the success of the innovations it will introduce. Faithful to his habits, Steve Jobs leaves all audiences in the blur. Starting with its shareholders that the growth of turnover and profits expected for the current quarter, compared to the previous, can hardly impress. This gives their chance of good surprises but little reason to anticipate.

The dilemma of the gifted

Financial communication, nothing beats the understatement. Franz Humer, Roche pattern, could characterize its half-year results "remarkable", he knew that the most sceptical observer would react by much more emphatic adjectives. After the best year 2005 of the global pharmaceutical industry, Roche was expected at the turn of 2006: the slightest hitch in its growth and profitability parameters or in the competitive environment of its star drugs could cause serious damage on a title value as the first of its class. Roche issued the opposite: sales exceeding expectations, a price and cost control which adds 2.5 unexpected points in the operating margin and earnings forecasts 2006 reviewed upward while remaining cautious. Rock profile is more original and attractive than ever confirmed domination in the treatment of cancer, its pipeline of new products or therapeutic extensions of existing products well provided with its limited generic exposure. One dilemma, the course of rock pierced its historic ceiling and the title became even more expensive with respect to its comparable. Who does not forget that the pharmacy is still an industry high-risk, this is less an incentive to enter as a way out.

The conditions of return

If Nokia lost its splendid past, his "remains" do not pity. Many groups are vying for consumers around the world met in its rate of growth in the last quarter: 22 for sales, 50 for business results, 56 for earnings per share. That is, if dynamic rest and if Nokia mobile market, which holds more "than" the third is his rank in countries like China or the India. The industrial machine and the Finnish marketing turns back to a quarter turn, leading front the Upselling mature markets and the production of mass for emerging markets, all with the profitability rates rising. Its stock horizon is duller. Competitive pressure is such, both on the price on innovation, that investors do not buy the overall growth of the market. However, they are willing to punish any geographical, technological or commercial disappointment. It is eighteen months that Nokia is almost flawless on all fronts and its stock weight stabilized at the modest level, it is true 15 times its profits. If he could make his long term goal to return to 40 of the world market without sacrificing its margins, a true return to grace would be feasible. It in is not yet.